Adani Group stocks staged a rebound in Thursday’s late deals after the company issued its clarification over the US Securities and Exchange Commission’s allegations. “The Spokesperson of Adani Group states that the allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” the Indian conglomerate’s spokesperson said in a release.
“As stated by the US Department of Justice itself, ‘the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.’ All possible legal recourse will be sought,” the person added.
Six out of 10 listed Adani stocks recovered some lost ground in fag-end deals but still traded in the negative territory. Shares of NDTV, which tumbled 14.38 per cent to hit a day low of Rs 145, recorded the maximum recovery as the session approached closure. NDTV’s stock was last seen trading 3.75 per cent lower at Rs 163.
Cement firm ACC was down 6.82 per cent at Rs 2,036. Earlier in the day, the stock slumped 14.54 per cent to hit a low of Rs 1,867.15. Ambuja Cements also limited losses and was down 11.51 per cent at Rs 486.35. It tanked 17.60 per cent in early trade to hit a low of Rs 452.90.
Adani Ports and Special Economic Zone Ltd, which nosedived 22.90 per cent, was last seen trading 13.54 per cent at Rs 1,114.55.
Adani Total Gas Ltd shares also rebounded from an 18.15 per cent drop and were last seen 11.49 per cent down at Rs 595. Adani Power, which cracked 17.79 per cent, was trading 9.42 per cent at Rs 474.75.
On the other hand, Adani Energy Solutions, Adani Green Energy, Adani Wilmar and flagship Adani Enterprises shares failed to witness any meaningful healing, trading with a drop of up to 24 per cent.
Today’s sharp fall in the Adani stocks came after Adani Group’s chair Gautam Adani was indicted in the US over bribery and fraud charges. US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India’s largest solar power plant project.
The fresh charges follow much turmoil for the Adani Group in January last year when US-based short seller Hindenburg Research accused it of using offshore tax havens improperly – a charge that the Indian conglomerate has denied.
